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EUR/USD and its patterns

EUR/USD and its patterns

Information is not investment advice

EUR/USD stabilized last week around 1.1180. The price action seen at the H4 chart resembles an inverted “Head and Shoulders” pattern with a neckline at 1.1250. The size of the pattern assumes that the euro might be able to recover to 1.1320 area. The bigger resistance is at 1.1350 (100-day MA). This level will likely limit any possible advance of the euro and attract plenty of sellers.

At the same time, if EUR/USD slides below 1.1250, the targets will be at 1.1230 and 1.1190.

Volatility will be high on Wednesday due to the press conference of the European Central Bank at 15:30 MT time. Given the fundamentals, buy trades seem to be riskier than sell trades for the euro.

EURUSD h.png

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EUR/USD can correct more

EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.

USD/CAD: sell in the downtrend

USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.

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